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China has slashed tariffs on car imports: some of the vehicle tariffs have fallen to 6 per cent of spare parts.

Issued by the announcement today, the state council tariff commission of the state council for approval, since July 1, 2018, the tax rate of 25%, 20% respectively automotive tariffs to 15%, lower taxes by 40%, 25% respectively;Tariff rates for auto parts, at 8 percent, 10 percent, 15 percent, 20 percent, and 25 percent, were reduced to 6 percent, with an average tax cut of 46 percent.

China's ministry of finance said that China's defense of the multilateral trading system, the reduction of import tariffs on cars is a major step in China's further expansion of reform and opening up.After the tax reduction, the average tax rate of China's cars is 13.8%, and the average tax rate of spare parts is 6%, which is in line with the reality of China's automobile industry.

Quite lower import tariffs, structural reform will be beneficial to promote the supply side, promote structural adjustment and transformation and upgrading of the auto industry, guide the automobile products quality, and the efficiency, abundant supply of the domestic market, meet the people diverse needs, to domestic consumers more rich and more affordable consumer experience.

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